The largest industrial project currently under construction is United Properties’ 402,000 square foot build-to-suit bulk warehouse for Distribution Alternatives in Lino Lakes. The Pohlad family-owned development firm is also constructing the Mendota Heights Business Park, which encompasses nearly 100,000 square feet of office showroom. Hyde Development has been busy at the Northern Stacks infill development site in Fridley. Buildings III and IV are currently underway, both with significant preleasing.

In general, asking rents for Class A and B bulk space average $4.25-4.75 per square foot. Office space in industrial facilities fall within $8.75-10.50 p.s.f.

In aggregate, the Minneapolis-St. Paul industrial market is in its rising phase. The Southwest is outperforming the rest of the region in regards to absorption and slowing rental rate growth. The Northwest submarket is close to approaching landlord-favorable conditions.

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